European wheat futures rise in thin trade

European wheat futures in Paris rose on Tuesday in thin trade as the market steadied after hitting life-of-contract lows on Monday. Latest US crop data confirming spring planting had been delayed by the weather also encouraged grain markets to consolidate. Benchmark September milling wheat on the Paris-based Euronext was up 1.00 euro, or 0.5 percent, at 172.00 euros ($192.30) a tonne at 1551 GMT.
On Monday, it had struck a life-of-contract low at 169.75 euros but held chart support around 170 euros.
Chicago grains fell on Monday after US President Donald Trump announced that he planned to raise tariffs on Chinese imports, clouding prospects for a trade deal with Beijing.
A firm trend in Chicago on Tuesday helped underpin Euronext prices.
"There are factors favouring a pause in the price slide, like the conditions for US spring wheat and corn, plus the fact it will be a few months before we can be sure of a bumper Russian harvest," a futures dealer said.
Activity on Euronext was curbed by the run-up to a public holiday in France on Wednesday.
Customs data showed that France exported a season's high 2.15 million tonnes of soft wheat to all destinations in March.
In Germany, cash premiums in Hamburg were little changed.
Standard bread wheat with 12 percent protein for May delivery in Hamburg was offered for sale unchanged at around 4 euros over Paris May.
"There is still a good programme of old crop ship export loadings in Germany," one German trader said. "It is believed that not all of the sourcing of the 620,000 tonnes of wheat Saudi Arabia bought in a tender in late April has been finalised and that some could still be sourced from Germany."
"But exporter demand for new crop German wheat is slack, with Poland, the Baltic States and Russia all looking cheaper than Germany."
Feed wheat prices dropped, reflecting recent falls in Paris markets, but were still above bread wheat.
Feed wheat in the South Oldenburg market for May/June delivery was offered for sale down 5 euros at around 195 euros a tonne, with buyers seeking 193 euros.
Last summer's drought, which heavily damaged fodder crops, has kept German feed wheat supplies tight.
"Crops had welcome rain in north Germany in past days and more is forecast later this week, which has improved the outlook for the feed grain harvest this summer," another trader said.